Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Benton Manor Cooperative has elected not
to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or
before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or after October 1, 2024.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of Benton Manor Cooperative, HUD Project No. 047-11096, under programs of the federal government
for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents
only a selected portion of the operations of Benton Manor Cooperative, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of Benton Manor Cooperative.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Benton Manor Cooperative has elected not
to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or
before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or after October 1, 2024.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Benton Manor Cooperative has elected not
to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or
before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or after October 1, 2024.
Title: NOTE 3 - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Benton Manor Cooperative has elected not
to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or
before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed
under Uniform Guidance for awards executed on or after October 1, 2024.
Benton Manor Cooperative has a U.S. Department of Housing and Urban Development 223(f) HUD-insured
mortgage. The loan balance outstanding at the beginning of the year is included in the federal expenditures
presented in the Schedule. The balance of the 223(f) HUD-insured mortgage (ALN 14.155) outstanding at
December 31, 2024 was $2,089,993.